Is It Really Feasible?

A software feasibility study is a critical evaluation process to determine the viability of a software project before committing significant resources.

Below is a detailed step-by-step outline, including the questions to ask, areas that need detailed answers, and the graphs and tables that should be prepared.

Step 1: Define the Scope of the Project

Questions to Ask

• What is the primary objective of the new software?
• What problems will it solve or what improvements does it seek to achieve?

Areas for Detailed Answers

• List of features and functionalities expected from the new software.
• Boundaries of the project including what needs to be covered and what may arise but should not be included.

Feature and Functionality List (Example )

Step 2: Conduct Preliminary Analysis

Questions to Ask

• Is there a clear need for this software among the target users?
• What are the current solutions, and why are they insufficient?
• What could be done better?

Areas for Detailed Answers

• Overview of existing solutions, their limitations, & required improvements.

Graphs &/or Tables Needed To Illustrate

• Comparison table of existing software vs. proposed features.

Comparison Table: Existing Software vs. Proposed (Example )

Step 3: Identify Technical Requirements

Questions to Ask

• What technologies are required to improve or build this new or updated software?
• Is the current IT infrastructure able to support the update or new software?
• Is the current IT team capable of supporting these technologies?

Areas for Detailed Answers

• Detail technology stack and IT requirements using a technology checklist.

Technology Requirements Checklist (Example )

Step 4: Assess Market and Financial Feasibility

Questions to Ask

• What is the potential market size for this software? (This includes internal use and impact to business on direct and indirect expenses.)
• What will be the estimated cost to develop and maintain the software?
• What are the expected financial returns (ROI)?

Areas for Detailed Answers

• Market analysis report.
• Cost breakdown including development, maintenance, and operation costs.
• Revenue / Savings projections.

Market Analysis Report (Example )

Additional Graphs & Table To Be Included (Example )

Step 5: Review Regulatory and Legal Compliance

Questions to Ask

• Does the updated or new software need to comply with any specific regulations?
• Are there any legal implications for deploying this software change?

Areas for Detailed Answers

• Compliance requirements specific to the industry.
• Legal considerations including data protection laws.

Software Compliance Checklist (Example )

Step 6: Perform Risk Analysis

Questions to Ask

• What are the potential risks involved with this project?
• How can these risks be mitigated?

Areas for Detailed Answers

• Create a detailed risk assessment including technical, market, financial, and operational risks.

Risk Assessment Matrix (Example )

Step 7: Establish a Preliminary Budget and Timeline

Questions to Ask

• What is the estimated budget for the entire project?
• What is the timeline for development to launch?

NOTE: Request an outside evaluation of current system and proposed upgrades based on identified information by a trusted consulting firm focused on realistic numbers and providing experienced talent. Getting it right the first time may appear more expensive but in the end is always less expensive and better for reputation.

Areas for Detailed Answers

• Preliminary budget allocation. (Budget Allocation Graph)
• Project timeline with key milestones. (Gantt chart)

Required Graph and Chart (Example )

Step 8: Draft Preliminary Recommendations

Questions to Ask

• Based on the feasibility study so far, is the project technically and financially viable?
• What are the major challenges and benefits identified?

Areas for Detailed Answers

• Summary of findings and recommendations.
• Decision points on moving forward or reevaluating certain aspects.

Summary Table of Feasibility Analysis (Example )

Step 9: Prepare the Feasibility Report

Questions to Ask

• What should be included in the final report to stakeholders?

Create Report

• Create a comprehensive report including all the above findings, detailed analysis, and recommendations. All previously mentioned graphs and tables should be integrated into a final document.

Step 10: Executive Summary of Findings

Questions to Ask

• How will the findings be communicated to stakeholders?
• What format will the presentation take?

Summarize Findings

• Prepare a summarization of key points from the feasibility study.

This outline ensures a thorough evaluation of all critical aspects of the proposed software project, providing a solid foundation for making an informed decision on whether to proceed.

Download Available Here

Contact our team at Intertech for assistance from a trusted and proven partner that can assist in making sure you have the correct numbers and technologies selected for your project.

https://www.intertech.com